Yes, completing the Know-Your-Customer (KYC) process is required for all Ledn clients. KYC is a regulatory requirement that helps Ledn verify the identity of its clients and ensure compliance with Anti-Money Laundering (AML) regulations. This article explains the KYC process and why it is necessary.
Why is KYC Necessary?
KYC is a standard process to verify the identity of clients. It ensures that Ledn’s services are not used for illegal activities, such as money laundering or fraud, and helps maintain the integrity and security of the platform.
What Do I Need to Complete KYC?
To successfully complete KYC, you will need the following:
- Government-Issued photo ID: Acceptable forms include a passport, national ID, or driver's license.
- Proof of Address: A document that matches your registered address such as utility bill, bank statement, or tax document, issued under your name and dated within the last three months.
- If Applicable - Source of Wealth / Source of Funds: Show when, where, and how you obtained the assets held on the Ledn platform (e.g., funds in your Transaction account, Growth account, DCN, or as loan collateral). We may request Source of Wealth or Source of Funds documentation to meet regulatory requirements and ensure the safety of our platform. We only ask for this information when necessary and handle it securely and confidentially.
Who Needs to Complete KYC?
- All Clients: KYC is mandatory for all users before accessing any Ledn product, including BTC-backed loans, Growth Accounts, or any other service offered by Ledn.
- Corporate Accounts: Businesses must also complete the KYB process by providing corporate registration documents, alongside identification of authorized signatories.
Additional Details:
- KYC Review Time: Most verifications are processed within 1-2 business days.
- KYB Review Time: You should receive feedback on your application for a corporate account within 72 business hours.
- Jurisdictional Restrictions: Ledn services may not be available in all regions. Be sure to check whether Ledn operates in your jurisdiction before proceeding with KYC. You can see jurisdictional availability here.
For more information, please refer to our Terms of Service and Privacy Policy.